Spending on residential construction increased by
1.7 percent on a seasonally adjusted basis from October to November while
overall construction spending was up 1.0 percent the Census Bureau said
today. Total construction spending was
at an annualized rate of $934.41 billion, the highest since March 2009, and up from $925.07 billion in October. Residential spending was at a rate of $350.98 billion versus $345.05
On a year-over-year basis, spending on residential
construction was even stronger, up 16.0 percent while overall spending
increased only 5.9 percent. The November
2012 numbers were $882.69 billion and $302.70 billion respectively.
Total private construction was at a seasonally
adjusted rate of $659.40 billion compared to $644.91 billion in October, a 2.2
percent increase, and 8.6 percent above the $607.19 billion posted in November
2012. Privately funding residential
construction was at an annual rate of $345.53 billion in November. This was an increase of 1.9 percent from
October's estimate of $339.23 and an increase of 16.6 percent from the November
2012 figure of $296.40 billion.
Publicly funded construction declined 1.8 percent from
$280.16 billion in October to $275.01 billion in November and was down 0.2
percent from $275.49 billion a year earlier.
Publicly funded residential construction dollars were estimated at $5.45
billion, down 6.4 percent from $5.82 billion in October and 13.4 percent below
public residential construction dollars estimated at $6.29 billion in November
On a non-seasonally adjusted basis private
residential construction through November has totaled $304.89 billion compared
to $259.17 billion through November 2012.
Of the 2013 dollars, $155.44 billion has gone to single family
construction, an increase of 28.4 percent from 2012, and $29.19 billion has
been spent on multi-family construction, an increase of 45.4 percent from the
$20.07 billion that was spent thus far in 2012.